by KNSS | Nov 17, 2015 | 2015 Year End Newsletter, Deductions
According to the IRS, to be deductible, an expenditure must be both “ordinary” and “necessary” in connection with your profession.? The IRS defines “ordinary” as common and accepted in a particular profession and...
by KNSS | Sep 23, 2014 | Deductions, Taxes
From IRS Tax Tips: Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the...
by KNSS | Sep 3, 2014 | Deductions, Income, Taxes
From IRS Tax Tips: Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you?re a casual gambler, odds are good that these basic tax tips can help you...
by KNSS | Aug 29, 2014 | Deductions
By Richard Schwartz, CPA In Part 1 of Home Office Deductions, we covered determining the qualifying space, regular and exclusive use, and multiple business locations.? In Part 2, we?ll look at determining dollar amounts of your deduction, what to do if you?re an...
by KNSS | Aug 26, 2014 | Deductions
By Richard Schwartz, CPA Every tax season, I have several clients that I meet with excitedly inform me that they have finally purchased a new home.? And often times, the next bit of information they communicate to me, is that the new house has a home office.? However,...
by KNSS | Aug 19, 2014 | Deductions, Taxes
From IRS Tax Tips: Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs. Here are some key tax facts you should know about if you search for a new job: Same...
